that's a duck call. that helps you make "money" today. stick around for "money with melissa francis". >> hello, everybody. i'm gerri willis. a shocking expose a on how schools educate your child. the computer programs that decide what your child reads. also, out with the old men in with the new, the next generation iphone. and investing in the wine business, how do you do that. we are watching out for you tonight on "the willis report". ♪ gerri: all that and more, but first, our top story. obama against the middle class. consumers cutting their debt while the president and federal

government are eager to keep piling it on. causing what you might call a devastating cut dependency with traders. the labor department reporting today, new jobless claims dropped last week to the lowest level in nearly six years to a total of 320,000. good news, but traders worry that the fed will cut back on its stimulus program causing the dow sank 225 points. here to weigh and, a harvard economist and columnist for the new york post. i'm going to start with you. a sell-off in the markets. this one dams. what you make of that? >> is puzzling. the fact that the economy is growing at better than we shot to death but is good news in messina had been a bunch of times. good news about economic soda fundamentals and get everyone panicked. the fed will stop tampering. to me it suggests that things are not in balance.

there is a bubble in bond prices a something. the party can't keep going on. if the economy starts to grow too fast and some of the bubble is going to burst. gerri: loss of expectations. i can't tell you how many people i talk to on this show who said they think the markets will go lower because of other stuff going on out there. in washington in particular, of conversations about whether debt is going to mount the will handle the ceiling increase which will emerge again. had the see that? will there be more bad news for investors and americans generally? >> the fundamental issue is still jobs. so many people unemployed, underemployed, a part-time employe, going and disability, and without the engine of jobs it is hard to say that the fundamentals of the economy are sound. the get a lot of ripsaw hang around based on what washington is going to do. frankly i don't remember a time

in my adult life where everything was so dependent on some utterance of one washington official or another. it just seems to me that the economy is now just hanging by the threat of the latest comment from ben bernanke or somebody else. gerri: you have to say that he is probably the most powerful man on the planet right now. >> in moves equimark is, bond markets, politics. that is not the way it is supposed to be. gerri: i have to tell you, i look at some of these numbers. big numbers out today that consumers are paying off more debt. taking down our debt levels back to 2007-2006 levels. all good news. how is it that consumers are smarter than the federal government and possibly the stock market? >> consumers will go up in 2007-8 and realize that they have been weigh more optimistic than was warranted. they just did not have the

income coming in to keep taking on data. so they made reasonable adjustments. it was sensible that there were not spending as much and saving more. the federal government and to some extent the people who are backing -- to vote for the politicians still want to leave we can pay for the entitlements without having to make some other sacrifice and not willing to a cut entitlements. we don't want to raise taxes. the political process is a lot less perfect. markets have knives to consumers in the right direction. the politics and not doing the same. gerri: absolutely true. became clear that the president was going to ask for an ipod in every child's, students backpack. a great idea, but it will pay for that? and now the president's approval rating when it comes to the economy is 35%, just 35%. that is devastating. what do you make of it? >> i think that it goes back to your previous question. what is the difference between

the consumers in the government? consumers can't print money and they know it. the government can, and it does. and so you have the government talking as though things are getting better and there are some signs, but i think that it feels very shallow. you don't have to talk to too many people until you get the sense that they are not sharing in this new wealth. they don't feel confident in the future. i think it's not just the president. it is congress. the republicans have gotten away from a growth agenda, stop talking about it coming easily get sidetracked by something like immigration that comes along. suddenly that is the only thing they can talk about, and i think it is a mistake to lose sight of jobs, what both parties in congress and the president should be worried about. gerri: let's move back to where we started, obama and the middle class, the cost of raising children up 23% since 1960 if you factor out inflation.

$270,000 to $500,000 to raise a child until the age of 18. rea not even talking about top college. how can the middle class of five? of these different pressures from every side if you want to raise kids. your taxes are going up. it's just like there is no reprieve anywhere. >> well it certainly is a problem. one response may be that people have fewer kids. you can see that in a lot of european countries that have high tax rates because of overly generous entitlements. birthrates are low, that population growth is negative. we are not so far away from that here unless you include immigration. gerri: we can change the family or we can change the government. we can change the policies and get that to go in a different direction. >> i think just a day walmart saying that basically the payroll tax increase is hurting its business gives you a clear sign that whenever the

government does is almost an immediate impact on corporations and families. your right. we have to get a government that works for the middle class, not against it. gerri: thank you for coming on. great job. interesting conversation. all right. circle your calendar. the iphone, the highly anticipated iphone five s could be coming out september 10th. during me now with the very latest, editor-in-chief. welcome back to the show. you were talking a lot this earlier. you are saying you might actually be on hand for the unveiling. >> , marking my calendar. this makes sense. it's almost a year to the day. i may be there. definitely someone will be there. we expect -- we do expect the iphone 5s and also some other stuff.

gerri: getting complicated. >> it's time for them to get complicated. to have a lot of competition. somebody was just asking me about all of the funds out there. samsung galaxy. there are all eating the launch because apple has been fairly quiet on the new product so-called innovation. gerri: here is what i'm looking for, something that really steps out, something that is break through, exciting, something almost as exciting as the ipad or iphone when it first came out. gerri: you're talking about newt categories. apple has not done a new product category in about a year demand reaching for something new. what if we get the iphone 5s but also watch for the tv, the actual said to my tv set. these things are possibilities. tim cook did promise a lot of products in the fall. i think it will have to hit the ground hard and fast and excite people, but if it is just the iphone we have two

possibilities. gerri: let's talk about both. what you're expecting. >> iphone 5s possibly a curved body, liquid metal which is just metal, but liquid metal. fingerprint scanner, which would be in the same spot as the home button, which is really about security. it's a great idea, but it would make a phone conceivably more expensive. ils7. gerri: the operating system. >> the mobile operating system which is built on the iphone and ipad many. it is really clean looking. by getting rid of all of the curves, of the crown, they've given more space. very intelligible, yet still recognizable. a control center, the photo tool is so much better. i was -- not only seeing it demonstrated but i have tested and am anxious to get it on my current phone. the new phones will have it.

but iphone 5s will also be a little faster and look different. the iphone 5c, for color, not cheaper. it is supposedly going to be $99. typically they come out at 199. probably a 2-year contract. it would be a choice of colors, plastic back. probably previous generation cpu, the thing that powers. gerri: who buys that? >> students, but also developing nations. a lot of people think it is designed specifically for china. you know that in their last report china was a little bit flatter than normal, and want to reenergize that because there's a saturation point that we have reached. more than half of americans have smart phones, and 80 percent of cell phones. they're looking at these of the markets and want to expand fast and compete. gerri: expand fast, but here in

america we are hungry for all new product category. >> please something new. gerri: thank you for coming on. great to see you. welcome a more to come this hour including if you love wine we will have advice on how to turn that into a big, big dollars. next, buy a product based on his celebrity endorsers? some people do. one major company seems to think the answer is no and is dropping its spokesperson. who is the highest paid celebrity endorsers. here is a hand. ♪ when we made our commitment to the lf, bp had two big goals:

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gerri: losing some weight. the company planning said feature fewer celebrity endorsers saving the company from paying at huge endorsement fees. with more, the ceo of asymmetric and advertising analytics. is this a smart thing to do, get rid of the celebrities? i thought they sold everything. >> they're three big advertisers. and the same playbook.

the aftershock. they attach it to a weight loss brand. they done this word so long and so frequently that consumers cannot distinguish which celebrity goes with which brand. anything that shakes that up is really a good idea. gerri: that seems crazy. is that the right thing? >> i have not looked at the new ad that they're coming up with, but a fresh approach is a good idea. ossian these before and after shots with the celebrities. they're kind of risky thing at times. gerri: that's what i was going to ask you about. have you know that everyone likes a certain celebrity? it seems like it would be difficult. >> absolutely. we just as a study where we look at every single national and the united states. the celebrity as performed worse. you really get a subpar

execution. the reason is, just like you said, celebrities are polarizing. it is very, very difficult to find a celebrity that everybody likes. almost all celebrities, there is a love-hate thing going on. the second thing is a lot of the ads are really not that relevant to consumers. consumers struggle acquire a celebrity is in this ad in the first place. long gone are the days gerri: i want to go back to your idea that celebrities are polarizing. tiger woods. just to name a few. these people, there is. it's so polarizing. >> they appeal to a very specific demographic. credit to cover that having a

general appeal, people really like them or have away at them. that kept up the total audience size for that brand if they're going to choose one of those. gerri: why is it that people gravitate toward celebrity endorsement? if it does not really work that well. >> that's a great question. you think about beyonce, for example. a variants -- expense of celebrity endorsers. she did not do as well as that coca-cola polar bear. there's a lot of myth in this industry. there is not a lot of hard data that proves that these things are not as effective as you think. that is what we are about to change, but is the whole point, having gated to prove the economics of the celebrity you are picking. gerri: you will make a lot of celebrities matt, peter. [laughter] >> already have. gerri: thank you for coming on. interesting conversation. >> thank you. gerri: how much to these companies shell out for a famous

face? the answer is easy, millions and millions and millions. the list of the highest paid celebrity endorsements is tonight's top five. this talented team of olympic champion earns $20 million from endorsements including 9 million from puma alone. catherine zeta jones got $20 million to star in commercials for t-mobile. number three, beyond say. two major endorsement deals, one with aids in them, the other a $50 million contract with pepsi. number two, 50-cent, not only the face of vitamin water, but as 10% stake in the company. $90 million. the number one highest paid celebrity endorsers is david beckham. the soccer superstar is the face of our money, samsung, and diet coke. his lifetime contract with adidas is worth $160 million.

other big-time celebrity endorsers, justin bieber, he had to make that list. brad pitt. later in the show, confused why your 10-year-old is reading hemingway? next, we answer the question, how you do that? tips on investing in a winery or starting one yourself. stay with us. ♪ (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade.

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ask your doctor about e only underarm low t treatment, axiron. ♪ gerri: your love of fine wine could be a fine investment opportunity. how to turn a profit from your very own winery.

♪ gerri: okay. i have a chevy question. what does antonio banderas, drew barrymore, nancy pelosi, and mike ditka of 11, and? it turned their love of fine wine into a moneymaking machine. of course owning acres of lush california vineyards sounds romantic, but can you turn it into a reality? joining me now with tips on doing just that, a columnist at market watcher. great to see you. thank you for coming on. color me skeptical. i think this is one thing that everyone dreams of doing that can't pull off. >> that's exactly it. anyone who has had a good glass of wine has traced it back in the mind, how did they make that, maybe i could. it is tempting, but not easy. gerri: the most important thing is the land. >> that's why california has become the go to place.

it has the best plan for making wine. also as the los expensive land. napa, you could be looking at a half million dollars an acre. gerri: it is not just that. you plan them in the have to wait forever for them. >> it will take about three years at least for the full vineyard to really come into production. then you have another three years are so after that before you can really produce good one. i talked to dan aykroyd, speaking of a celebrity who has his own winery. he said its really intend to talk to your all. can you imagine buying a stock can say, wait to and 20 years in the united a profit. gerri: you might. now one thing you can do is you don't have to be in california. where else can you go? >> basically you start working your way from california. close to california, washington and oregon are really solid and hot places. you will still pay for the

acreage. push your way into places like virginia, new york. these are places you might get land for 10,000-acre and could still produce a good bottle. gerri: i don't really want to start a vineyard. what are the short cuts? >> do what they call custom fresh. basically it's like renting a wine maker, plot of land. they will pick grapes, they may even pressed them. that will make your wind, bottle it. really, all you're doing is essentially creating a brand. you can do that for a lot less. gerri: any other shortcuts? >> you could go into the spirits business. you could go into that. it does not take as much time. usually you don't own land. you don't need to on a sugar cane plantation to make room. that's another shortcut. gerri: how much money are we potentially looking at to invest

and then pay off? >> the payoff, where you will see the money is in the land appreciation. the famous example, he bought his properties in california for a thousand dollars an acre now there have to million dollars maker. that is where some of the real payoff can come. we are talking about making a little bit of money, not a lot. no one goes into the wine business these days. gerri: you have to love the wind. we were touring in virginia. it was interesting to see the first ones developed and what there were like today. there are those first-timer's to come in and really plow the fields for everyone else and get it started. it is generation after generation. >> and those people are probably making some money. again, no one is getting really rich. one financial adviser said this is a classic example of an investment of passion, something you do because you want to, not

necessarily because you're hoping to become a multimillionaire from a. gerri: question number one. >> we really want to know, if you want to do some serious soil composition, look at the land and breakdown. even if it's in a prime spot you want to make sure that this is it and get the education. you want to know the questions you need to ask about how to make a good wine. maybe go to school for this is well. gerri: a lot of investment, not a lot of pay off, except you get free wine. >> not a bad thing and all. gerri: thank you for coming on. good to see you. coming up, they you feel confident managing your retirement? the results of a new survey. where are the teachers and administrators? we show how computers are deciding what your kids are eating in school. you won't believe it. copd makes it hard to breathe...

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♪ >> from our fox business studios in new york, here again is gerri willis. ♪ gerri: okay. this is a fascinating story. a computer program taking your child's education. analyzing reading materials, and it assigns a reading level. becoming a gun to guide for teachers and libraries, but my next guest is morning there are dangerous consequences. with more on this, alan jacobson thank you for coming on the show. great to have you. help us understand more. >> it is a computer program that assigns reading level to text and is pervasive, used by every major educational publisher, in use in half the schools in the united states. gerri: if my kid is burning of books from schools, kutcher and the right, whenever it is, they

have been assigned that reading level. chances are it was a computer program that decide whether this was appropriate. how does it make that decision? >> based on measuring word frequency and sentence length. keep in mind, it is not actually reading the word, so it does not know what it is reading. it is just using arithmetic. gerri: i want to give a couple of examples. for example, catcher in the right, i think i read it in high school. hey, that is great for grades three through four. >> because it is not actually reading the words. it is ironic. in the very first paragraph is the word prostitution. we don't want third graders even seeing that word, but it does not actually read the words. it measures sentence length and word frequency. gerri: he kept his sentences short and pretty straightforward stuff. of mice and men, grades 2-3. again, really?

>> other novels get scores that are just out of the ballpark. william faulkner gives scores of a postgraduate level because you grow with long senses. here's court could be postgraduate. if you drive with short sentences could be second grade. gerri: one more. the scarlet letter by the way i'll hawthorne. think read it in high-school. >> that is the point. there are a lot of novels. we have shown, here are a half a dozen novels that typically taught a tent or 11th grade, but second grade, third grade, or postgraduate. gerri: so disconnected from judgment. why are these schools, wired these libraries using this computer software? >> we measure the things that are easy to measure which is a problem. very easy to use. gerri: it is a way of not taking responsibility for the reading list for a short cut to not having to make decisions.

>> it may be, but they are being applied to the national assessment that all the kids will be taking in the next year. the very first that. gerri: unbelievable. it is just pervasive. we have what looks like a disclaimer from the website. they say the measures do not measure age appropriateness. but quality or other such characteristics. they say what you're saying is not true. >> well, what is interesting is on the one and they say they have five levels science, very intent with our arithmetic. then you find this statement deep in the website th the way we are not really looking at the content. so which way is it? are you saying that trust us, except when you can't. gerri: the major funding is come from the federal government, thank you, and the bill and melinda gates foundation.

why? >> that is what amazes me. a real commitment to education and he understands computer science. when a search to delve into this , i was really surprised. gerri: i find this disturbing, what is going on in classrooms across the country because it seems like kids don't get the benefit of the doubt. they just sort of want to process them to iran get it done it almost seems like one plus one equals two and they're out of first grade and move them on. why are we so reluctant to really educate these kids? >> so we're trying to do is turn education into an assembly line. that is one of the problems with these computer-based systems. we will teach everyone the exact same thing the exact same way in hopes of we will have the exact same product each time, but that means rarely as good as that one thing. gerri: who gets hurt most? >> all of us because ultimately this is a work force the texas into the 24th century.

we will be prepared to compete with asia, india, china, this whole idea that there will be pumping an engineer's. eight times as many people as we do. we need to focus on other things that we are quintessentially great that, creativity, diversity, risk-taking, entrepreneurship, not teaching the things. we are using computer systems to create conformity. gerri: that is going all over the place. thank you for coming on. interesting story, and i'm sure parents across the country will be sent, is that my school system? thank you so much. now we want to know what you think. here is our question. should computers dictate your child's reading list? bogdan. on the right hand side of the screen and we will share the results of the end of the show. amazing. time now for a look at the stories you're clicking on tonight. warnings of weaker sales from two major companies some of the stock market spiraling lower.

cutting estimates. cisco systems have a weaker revenue forecast. there is also concern that the federal reserve could ease off of stimulus. mortgage rates heralding steady. the average rate of a 30-year loan remain unchanged. that is a full percentage point higher than in early may. the washington post says it's website has been hacked. a group supporting the syrian president is coming responsibility. the managing editor of the paper, readers were redirected to the website of the syrian electronic army. asking a judge to approve the company's turnaround plan, including the merger of u.s. airways. the merger is in doubt since the department of justice along with six state ag's are suing to block the deal. some of the hot stories right now on foxbusiness.com. programming note. coming up, right here, are very

gun neil cavuto sits down for a one-on-one with former media mogul. highly critical. at the federal debt and deficit are soaring under its lead. >> a one month vacation as a pilot two or $3 billion a day. so where is this going? >> it is going to hit the wall at some point. that is why i cannot take seriously this talk about it is getting better, looking better. a slight increase in retail sales, which i gather there is not. i mean, i think it compounds the fact that our whole civilization is over committed to this service industry. too many people who don't add value. gerri: amazing stuff, and you can once the full interview right here in about 90 minutes on fox business. when we come back, consumer reports is here with a look at

the best appliances for your child dorm room. you will be shocked at the number one. and as more and more americans are saving a retirement, a new survey shows most of us are going in alone. results coming out. ♪

gerri: and new survey out today revealing eye opening results on worker retirement savings, shocking amount of folks say they lack the confidence to effectively manage their savings are now the best investment options. here for an exclusive look at the findings is steve anderson. thank you for coming on the show tonight. one of the interesting things you have here, i was surprised. people are just confused. they say that there more confused by their retirement and health care.

52 percent versus 48%. a deeper level of worry the banks when it comes to the retirement. tell us what you found. >> there is an element of that confusion. the survey also shows us that about 90 percent of all the workers out there feel as though they're going in alone or a day are saving and it is the primary source for retirement as opposed to social security. coupled with that, as you mentioned, that element of uncertainty or lack of confidence, confusion which is where we find that individuals really look for it, there is in vice -- advice imbedded in many of the plans. gerri: and people don't. let me get to the issues about the confusion. they don't know the options. 34 percent said their stressed that the absence. yet they don't go get professional advice. why is that? >> it could be just like of knowledge on their part. they don't take the effort to

get involved and to ask for the advice. when you think about the decisions they have to make on their own, how much to save, which invest a slight, and then to monitor that over time, it's not a behavior that many people do on a daily basis. the advice really comes to play in helping individuals determine how much to save, where to place the money commanded tend to have greater staying power was there received advice. gerri: where you going to send people? a lot of the plans actually have advice embedded in them. that i find that? >> the employer would be able to communicate with employees as far as the level or advice. and many will have a computer-based model build right into the website. more importantly, to be able to have 1-on-1 phone conversations or an individual can share was going on in their mind and how maybe a half-hour or 45 minute dialogue with another professional can really give them the type of guidance that they need.

gerri: go right ahead. >> i was going to say, those that go through that type of experience typically double their savings rate, more diversified, and they have greater staying power in challenging markets. gerri: it makes sense to give advice. that is great news. one piece of great news i found in your research results, 74 percent of folks say their retirement is recovering faster than expected. low expectations. >> sure. after that downturn in 2008-9, for those individuals the state invested to mike capps saving, and have been able to ride the market up over a thousand points , they're doing very well right now and the feeling the positive energy. gerri: i like that. one last word of advice. >> make sure you are saving. save to your employer contribution match. the other thing is good advice.

gerri: thank you for coming on. >> thank you. have a great afternoon. gerri: still to come, my "2 cents more." and we have them must have items your child should have in their dorm room this coming school year. a list from consumer reports. gerri: in at a dry cleaner,

we replaced people with a machine. what? customers didn't like it. so why do bas do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ly. gerri: college is coming up, and we have you covered with a shopping list of the stuff your student will actually need and use. coming up.

♪ gerri: it's that time of year again. parents preparing to send their kids off to college with a laundry list of things to buy.

luckily consumer reports is here with the best appliances for college dorm rooms that will not break the bank. joining me now, senior editor for consumer reports. welcome. kendis see you. you say before you even go shopping you might want to check out what you are allowed have. >> adelle want to get at it yourself. they vary quite a bit from one college to the next. check with the housing authority and see what you are allowed to bring. gerri: cement the will to use a hot place to have hot plate in one place and not another. the first thing, i was a little surprised. you wanted a blender. you want your kids to make drinks. >> we were thinking morning smoothies. the blunder category is red hot, up about 10 percent among lawyers the because of these personal blunders. great for that early morning breakfast. he makes up this movie. the nice thing is you can take it with you. a travel.

save a few dollars and may be saved off the freshman 15. gerri: a very smart idea, and they are not expensive. >> just $40. a great value. gerri: and you're trying to encourage come in a spirit that appreciate that. >> a little fastidious. at hand vacuum is a great way to sweep up dictatorships. a lot of these are not worth the plastic there may have. this is an exception. the pair eraser did a really good job. oddly enough not great on pet care, but says they are not allowed in dorm rooms we will recommend this. $35. a great value. gerri: and it is lightweight. how much did you say? >> $35. gerri: how many fridge. snack later in the evening. >> you want to have snout --

sodas and snacks. a lot of campuses and allow them they use a lot of energy. we only ended up recommending one. the cubic foot one door refrigerator. great efficiency and very good temperature performance. some of the models, then consistent temperature going up above 40 degrees which is the threshold for bacteria. stay away from those. this is a great option. gerri: price tag? >> it is an investment, but with the energy savings you could save more than that compared with some of the very inefficient models. gerri: we have a coffee maker sitting right here. >> here is a little bit of the splurge. the pause style. the symbols of convenience. you just to one cup. gerri: set up that was more

expensive. >> it can be. a little bit of an indulgence, but it will save a lot of time for that college student in the morning and the late night cram sessions. this is great. gerri: a humidifier or dehumidifier. >> a humidifier. remember how hot and dry dorm rooms can get. so a humidifier is a great way to put some moisture back into the room. we like the safety first. just $30. ultrasonic which means it is quiet and uses a vibrating nebulize a. so yes. you want to stay healthy. gerri: those are all great ideas . it's amazing that parents have to spend so much money on this stuff. we appreciate your help. >> great to be year. gerri: get stuff. we will be right back with my "2 cents more", and the answer to our question of the day. stay with us. ♪

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gerri: earlier this hour we showed you how computer programs are coming up with your child's reading list at school. do you agree with this? we asked on gerriwillis.com. 1% said yes, 99% said no. and here are some of your e-mails. scott says i am no fan at all of obamacare. but we got there because health insurance was breaking down. i go absolutely ballistic when i hear people say that it was working. it was working with companies over 50 employees. but please stop trying to justify i thing the old system works. thank you, scott. and another viewer says i would like to know if i can figure out

what my medical genes are if i have no medical history. that's a good question. and danny says thank you for this segment of looking at your health care bills. it's a reminder for all of us to look out for ourselves in this crazy mixed up world. i have saved money and i now have a better understanding of my benefits. thank you for educating us.

jobless claims falling by 50,000 to 320,000. the best performance since 2007. but there is another number that nobody is paying attention to. it trumps them all. it is this. consumer debt is down and down big bang $78 billion. its lowest level in seven years. that is a fact worth celebrating. we are finally getting a handle on our debt. but the federal government is going in the opposite direction. the president wants more of your tax dollars to buy ipads for students. he wants the land them pricey college educations. in a thousand ways the government wants to find ways to spend. that is my "two cents more". coming up tomorrow, ipads and

a woman who says she can teach your dog to use it. that is it for "the willis report." have a great night. we will see you back tomorrow. lou: good evening, everybody. thank you for being with us. nowhere is president obama's foreign-policy are obviously confused than contradictory of egypt. what could be more confounding than the administration's apparent support for not only the secular military, but its embrace at the same time of a muslim brotherhood with israel and western civilization itself. president obama today addressing the violence and deadly clashes between the egyptian